MercoPress. South Atlantic News Agency

Norway's Equinor and YPF team up to explore Argentina offshore block

Equinor’s executive vice president for Exploration, Tim Dodson, and YPF's CEO Daniel Gonzalez. (Equinor)

Norway Equinor’s executive vice president for Exploration, Tim Dodson, and YPF's CEO Daniel Gonzalez have signed an agreement to jointly explore the CAN 100 offshore block, located in the North Argentine Basin.

The preliminary agreement sets the core terms and conditions for YPF’s transfer of 50% of its share in the CAN 100 offshore block, and will enable both companies to expand their alliance and move forward with the exploration process in the Argentine offshore.

“We are delighted with this opportunity to continue and expand our close partnership with YPF in Argentina. Currently we are partners in two offshore blocks in the same area, and we are jointly exploring onshore opportunities in the Vaca Muerta formation in the Neuquen province. We are looking forward to collaborate closely with YPF on this new exploration opportunity,” says Tim Dodson, Equinor’s executive vice president for Exploration.

“Through this agreement, Equinor strengthens its position offshore Argentina, in line with our exploration strategy to access at scale in basins with high impact potential,” Dodson says.

‘We have a strong relationship with Equinor based on mutual trust built on the development of exploration and unconventional projects. This new agreement deepens our bond with Equinor, and allows us to learn from their experience in offshore projects worldwide,’ says Daniel González, YPF´s CEO.

The CAN 100 block comprises an area of 15,000 km2. It is the largest block in the North Argentine Basin. The first exploratory period of four years began when YPF acquired 100% of the block in May 2019.

Equinor and YPF are currently partners in two offshore blocks in the North Argentine Basin (CAN 102 and CAN 114), which were added in the last bid round conducted by the Argentine government.